Free Alongside Ship(redirected from f.a.s)
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Free Alongside Ship (FAS)
An Incoterm (FAS) that means the seller is responsible for the cost of transporting and delivering goods alongside a vessel in a port in his or her country. Since the buyer has responsibility for export clearance under FAS, it is not a practical Incoterm for U.S. exports. FAS should be used only for ocean shipments since risk and responsibility shift from seller to buyer when the goods are placed within the reach of the ship's tackle (crane).
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
Free Alongside Ship
In maritime, international commerce, an agreement between a buyer (importer) and a seller (exporter) in which the seller is responsible for the transportation and risk of the good until it is within reach of the ship's crane, at which point the buyer assumes responsibility for both. That is, the seller does not bear the expense or risk of actually loading the good onto the ship. The buyer is responsible for clearing the good through customs in both the home country and the country of delivery.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved